Perkins Loans are a federal campus-based loan for students who are enrolled full-time in an aid-eligible program. Perkins Loans are contingent upon the availability of federal funds provided to Immaculata University and are awarded on the basis of financial need. These loans currently have a fixed interest rate.
Annual Loan Limits
The actual loan amount is based on individual eligibility. A borrower’s total financial aid package, which may consist of grants, scholarships, and loans, may not exceed the student’s total cost of education. The maximum Perkins award is $4,000 per academic year.
Currently, the Federal Perkins Loan Program has a fixed interest rate of five percent.
Since the Federal Perkins Loan Program is administered through Immaculata University, there are no fees associated with the origination or disbursement.
Principal and interest for the Federal Perkins Loan Program are deferred while the student is enrolled at least half-time. A nine-month grace period is allowed following enrollment before repayment begins.
Master Promissory Note (MPN)
Students who have been awarded a Federal Perkins Loan as part of their financial aid package will need to complete a Master Promissory Note (MPN). Students will be contacted via U.S. mail with instructions on how to complete this requirement. This will need to be completed each year the student receives the award.